Apparel company HanesBrands aims to boost its sales by US$1.2 billion within the next three years, largely targeting Asia on the back of its Champion brand.
An athletic fashion brand, Champion’s sales are expected to grow from $2 billion to $3 billion by 2024, with Asian markets driving demand.
In a growth plan dubbed Full Potential, strategies include investing in key markets such as China, Japan and South Korea, along with the US and some European markets. Champion will also expand its offer in women’s and kids’ apparel and work at deepening its connections with customers.
During the next three years, the company will also expand online channels, building its Champion e-commerce store into “a premier brand and shopping experience globally”.
“Full Potential builds on these advantages to deliver approximately $1.2 billion in topline growth as well as improved profitability over the next three years,” said Steve Bratspies, CEO at HanesBrands.
HanesBrands is also working to increase sales of its undergarments brands, including Bonds, by $200 million during the same period.
“The company believes these investments will better empower consumers to shop where, when and how they like to shop,” the company said.